Angel Oak completes $132.65 million nonprime securitization

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Angel Oak Capital Advisors has announced that it has completed a $132.65 million securitization backed primarily by non-qualified mortgages. the securitization is the second offering of its kind by Angel Oak capital as the firm works to revitalize the non-QM market.

Both securitizations are backed primarily by mortgages originated by Angel Oak Capital’s two affiliate mortgage lenders, Angel Oak Mortgage Solutions (wholesale) and Angel Oak Home Loans (retail), according to a news release. The latest securitization, AOMT 2016-1, also included collateral from Angel Oak Prime Bridge, another affiliate lender. Angel Oak Capital has retained 5% of the offered securities to satisfy risk retention requirements under the Dodd-Frank Act, according to the press release.

“Angel Oak’s mortgage lenders have seen a steady increase in non-QM mortgage origination volume since the inception of these programs,” said Angel Oak CEO and CIO Sreeni Prabhu. “Our lending platforms are on pace to originate approximately 3,100 loans totaling approximately $800 million by year end. Angel Oak Capital will continue to selectively purchase the loans we feel fit best within securitization parameters and meet investor requirements.”

“There is a stark difference between the collateral in our nonprime loans today and the subprime products issued prior to the financial crisis,” said John Hsu, Angel Oak’s head of capital markets. “Today’s loans adhere to the ‘ability to repay’ regulation and require significant down payment.”